Zopa tests first savings products

Zopa tests first savings products

Zopa is preparing for the launch of its new banking offshoot in the UK with a limited one-month beta test of its first fixed-term savings account with 200 prospective customers.

Zopa received a restricted UK banking license in December last year after picking up £60 million in funding for the build-out, paving the way for the peer-to-peer lending pioneer to launch a brand-new suite of financial products built on proprietary technology.

Other products in the works include a credit card platform and state-of-the-art billing engine, and an Open Banking hub for the provision of account aggregation and personal finance tools.

“Inviting existing customers to test our fixed term saver is a major milestone in our bank journey,” says Zopa’s chief product officer Didier Baclin. “It is a great opportunity to ensure that the product meets their expectations before the full launch next year so that we deliver a great product that customers can trust.”

Zopa is understood to be on the hunt for new funding as it bids to meet conditions laid down by the regulator for granting of a full banking licence.

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